Gold holds steady as investors await US economic data

GOLD PRICES were steady on Wednesday as market participants remained cautious ahead of key US economic data, while the ceasefire between Iran and Israel weighed on safe-haven demand.

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Spot gold was up 0.1% at $3,327.91 per ounce at 1:58 p.m. EDT (1758 GMT) after prices hit their lowest in over two weeks in the previous session.

US gold futures settled 0.3% lower at $3,343.10.

With all the momentum and potential in the markets, the factors that typically drive gold never pushed it to new highs, said Daniel Pavilonis, senior market strategist at RJO Futures

“So, I think the path is now more to the downside; it may hit $2,900 if things don’t escalate in the Middle East.”